Chip stocks fall with Nvidia after data center rev disappointment
Investing.com -- U.S. stock futures slipped lower Monday on raised trade tensions between U.S. and China, the two largest economies in the world.
Here are some of the biggest premarket U.S. stock movers today:
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Cleveland-Cliffs (NYSE:CLF) and Nucor (NYSE:NUE) stocks soared after U.S. President Donald Trump declared an upcoming increase in tariffs on steel imports to 50% from 25%,, doubling down on his trade war strategy.
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Nvidia (NASDAQ:NVDA), Marvell (NASDAQ:MRVL), Taiwan Semiconductor Manufacturing (NYSE:TSM) and Broadcom (NASDAQ:AVGO) shares are all down on reports that the Trump administration is preparing to tighten restrictions on China’s tech sector by expanding existing rules to include subsidiaries of sanctioned firms.
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Apple (NASDAQ:AAPL) stock fell 0.5% despite Jefferies stating that the tech giant’s iPhone sales posted a sharp rebound in China following a fresh round of targeted discounts and government-backed subsidies. The report notes that sales volumes grew more than 50% year-on-year for two consecutive weeks.
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Tesla (NASDAQ:TSLA) stock fell 1.7% after it reported lower monthly sales in large parts of Europe, including France, Portugal, Denmark and Sweden.
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Moderna (NASDAQ:MRNA) stock rose 4.9% after the U.S. Food and Drug Administration approved its next-generation COVID-19 vaccine for everyone aged 65 and above.
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Bristol Myers (NYSE:BMY) stock rose 1% after it announced a partnership with BioNTech (NASDAQ:BNTX) for the co-development and co-commercialization of BioNTech’s experimental bispecific antibody BNT327, intended for use in various solid tumor types.
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JetBlue Airways (NASDAQ:JBLU) stock fell 0.4% and the carrier’s CEO Joanna Geraghty said the company’s partnership with United Airlines (NASDAQ:UAL), down 0.8%, would not lead to a merger between the two carriers.
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Boeing (NYSE:BA) stock rose 1.5% after Bank of America upgraded its stance on the aircraft manufacturer to ‘buy’ from ‘neutral’ and raised its price target to $260, now the highest target on Wall Street, as confidence builds in the aerospace company’s turnaround.